Published on juli 9, 2024, 12:37 am
Image source: Fox News
```json [ { "article_summary": "Cardano's (ADA) price surged by 2% to $0.3725 on July 8, showing a positive shift in sentiment due to network upgrades and founder Charles Hoskinson's updates. The upcoming Chang hard fork is expected to initiate the Voltaire era for Cardano, aiming for a fully decentralized blockchain ecosystem. Historical trends suggest price rallies before major upgrades such as a 130% surge prior to the last significant upgrade in 2021. The network has seen growth in active addresses and new wallets, with an influx of $100 million into Cardano funds recently. Despite bullish signs like the current price movement outpacing the RSI, it's advised for investors to research thoroughly before making decisions due to volatility in the cryptocurrency market." } ] ```
Cardano (ADA) is making headlines this week with a 2% surge, currently trading at $0.3725 as of July 8. This price upswing not only recovered losses incurred earlier but also demonstrates a positive shift in investor sentiment towards this layer-1 token.
In contrast to the prevailing bearish trend in the crypto market affecting major players like Bitcoin (BTC) and Ether (ETH), ADA’s upward trajectory stands out. The catalyst for this growth can be attributed to Charles Hoskinson, the founder of Cardano, who recently provided an update on the network’s progress and the upcoming Chang hard fork during an Ask Me Anything (AMA) session on July 7.
Hoskinson highlighted the completion of all elements of CIP 1694, significant for Cardano’s infrastructure and mentioned that node 9.0 crucial for the Chang hard fork is nearing completion. This upcoming upgrade is expected to kick off the Voltaire era, bringing Cardano closer to its goal of establishing a fully decentralized blockchain ecosystem which has been in progress for two years.
Looking back at historical performance, ADA has shown promising rallies ahead of major upgrades. For instance, before its last significant upgrade in 2021, ADA spiked by 130%, fueling anticipation for a similar uptrend following the Chang hard fork.
Moreover, Cardano’s network has witnessed substantial growth over the past month with an increase in active addresses from around 21,560 to 36,700 on June 17 to present day respectively. Similarly, new addresses have seen growth from 6,110 wallets to 10,420 during this period.
The influx of funds into Cardano also indicates growing confidence among investors regarding its potential. Notably, $100 million flowed into Cardano funds last week according to CoinShares weekly report ending July 5th.
The current bullish divergence between ADA’s price movement and relative strength index (RSI) signals strength within its uptrend. This phenomenon often prompts traders to seize opportunities during local dips based on technical analysis trends that identify such patterns.
It’s important to note that while these developments are exciting for ADA enthusiasts and investors alike, it’s crucial to conduct thorough research before making any investment decisions as every move involves risk in the volatile cryptocurrency market.
Original article posted by Fox News
